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China’s central bank left borrowing costs for interbank loans unchanged on Thursday, an unexpected decision that shrugged off the U.S. Federal Reserve’s increase in its benchmark rate overnight.
The rate for seven-day reverse repurchase agreements remained at 2.55 percent, the 14-day tenor at 2.70 percent and the 28-day tenor at 2.85 percent, the People’s Bank of China (PBOC) said in a statement on its website.
Reverse repos are one of its most commonly used tools to control liquidity in the financial system. The PBOC did not change its benchmark one-year lending and deposit rates, which have been kept steady since October 2015. ... (full story)